The Fairmont Southampton, Bermuda’s largest hotel, has been sold to a Miami-based investment and development company for an undisclosed fee.
According to Karim Alibhai, the founder of investment firm Gencom, he planned an ambitious programme of renovations at the landmark 593-room hotel overlooking south shore.
This is Gencom’s second investment in Bermuda.
Two years ago it bought Bermuda’s Rosewood Tucker’s Point Hotel and moved it out of receivership.
“The (Progressive Labour Party) government applauds this deal.”— Bermuda’s Tourism Minister Zane DeSilva
Gencom said it planned to leave the Fairmont Southampton, which is located on nearly 100 acres with an 18-hole par-3 golf course, under the brand and management of Fairmont Hotels and Resorts.
“The acquisition of Fairmont Southampton reaffirms the firm’s confidence in the island’s hospitality and tourism sector. Bermuda benefits from direct flight access from the east coast of the US, as well as Europe, making it a natural destination for leisure and group travelers,” Alibhai said on Friday
“Over the last couple of years, Bermuda has seen double-digit growth in airport arrivals, as well as foreign spending. With a new, state-of-the-art airport opening in the first half of 2020, increase in airlift and visitation is expected.”
Tourism Minister Zane DeSilva welcomed news of the sale.
“The (Progressive Labour Party) government applauds this deal as testament not only to Gencom’s strong commitment to Bermuda but also to the continuing renaissance of our island’s tourism industry,” he said.